Knowledge

Author: Sadheshan Govender

Category:

Date: 25 June 2019

Financial Inclusion Enhancement Through Technology

 

Partnerships between financial institutions and technology firms allow financial institutions to utilise modern technologies such as Artificial Intelligence (AI) and Data Science to create advanced, technology driven products with a greater reach thus enhancing financial inclusion. Such institutions include Medina Islamic Finance, a digital microfinance platform focused on Africa, partnering with United Labs which is a data science venture studio based in New York that focuses on social impact enhancement in Africa.

This partnership allows Medina to leverage machine learning and data science to improve its microfinance digital banking platform while United Lab’s AI technology and automated local language customer support systems can assist Medina in accelerating its underwriting process while improving customer support.

The CEO and founder of Medina, Wagane Diouf, expressed his excitement regarding the partnership and how Medina aims to address challenges in Africa through innovative and ethical solutions as majority of the population is poverty stricken and financial excluded as only 20% of the population have a bank account.

Medina already plans to enforce their ethical banking solutions in partnership with several established financial institutions in key targeted African countries later this year. These ethical banking solutions will include interest-free loans, equity-based financing and housing and these products will be aimed especially at the youth and women.

United Labs believes that Medina Islamic Finance created a unique, inclusive ecosystem which they are proud to support with their advanced and innovative technology to enhance financial inclusion in Africa.

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